Protect Your Investment with Condo Insurance in Edmonton
Purchasing a condo is one of the most important financial decisions you will make. In order to protect your investment, turn to MBS Insurance Brokers Ltd. for condo insurance customized to meet your unique needs in the Edmonton area. Our experienced brokers deal with a variety of companies and shop around to find the best rates on policies that make sense for you.
Contact our office by phone (780-436-7880) or email to get started on your insurance coverage. After supplying us with your information, you can expect to receive a competitive quote within 1-2 hours.What Does Condo Insurance Cover?
Your condo insurance covers your personal property in Edmonton, improvements you make to the unit and coverage for loss assessments made by the condominium corporation. It will also provide personal liability coverage in the event that you unintentionally injure someone or damage someone’s personal property. Insurance for the actual structure is the responsibility of the condominium corporation.
Understanding Condo Insurance CoverageAdditional Protection for the Condo Structure
Additional “just in case” coverage can be purchased to protect you in the event the policy your condominium corporation has for the structure proves to be inadequate.A Policy for Improvements and Betterment
Understanding the insurance coverage the condominium corporation has in place for the structure is important. In many cases, the policy will not cover any improvements you make after the original construction. These home improvements may include things like new flooring, new kitchen cabinets or a finished basement. We will help you through the process and determine the exact coverage you need. If you are not the first owner, there may be improvements that have already been made.
In the case of bare land condominiums, the condo corporation may require you to insure the part of the structure you occupy. These complexes may look more like neighbourhoods of single-family homes, but they operate in same manner of a conventional condominium.Loss Assessment Coverage
This type of coverage will protect you from claims involving the building or common areas. While your condominium corporation will have a policy in place to cover damages from an insured peril, some special assessments may exceed the policy limits. That is when your loss assessment coverage comes into play.Difference in Deductibles Coverage
In the attempt to save money on premiums, some condo boards arrange higher deductibles. These deductibles can vary greatly, from $5,000 all the way to $50,000. Bylaws might also be altered to make each owner responsible for damages occurring to your individual unit. Our brokers will make sure you are protected, regardless of the situation.Protect Yourself against Legal Action
Personal liability coverage will protect you in the event that you unintentionally injure someone or damage someone’s personal property. This type of coverage will protect you if you were responsible. In the event of a false accusation, your policy will cover legal expenses. Our insurance brokers will clearly explain all limitations and conditions associated with this type of coverage. It’s important to note that any criminal or intentional act will not be covered.
If you are interested in learning more about the condo insurance options that are available to you in Edmonton and surrounding areas of Alberta, contact us today for a free, no-obligation quote.